One of the banks to offer multiple choice in Savings Accounts is Indian Bank. They offer 7 different types of Savings Accounts, each designed for a particular category of customers and serving a distinct set of purposes.
Indian Bank Saving Account Interest Rate
For Savings Account, Indian Bank offers an attractive rate of interest at the rate of 4%, for normal and senior citizens.
Types of Indian Bank Savings Account
This is a basic savings account which provides multiple facilities like fund transfer via NEFT/RTGS, 2 free cheque books per calendar year, free collection of local cheques, charge free issue of ATM debit cards, 50 free withdrawals per half year, multi-city cheque facility and many more such features.
This savings account with sweep facility has been designed specially for HNIs and corporate executives. With this account, you get some added benefits like life insurance cover and Personal Accident cover for Rs 1 lakh each, free of charge inter city transactions and an ATM Debit card free of charge. This Savings account can be opened for a term of 15 days to 180 days and provides the account holder with the option of converting their excess funds in their account to a Term Deposit on a daily basis.
This account is suited for all those individuals who are self-employed, have regular employment, are owners of a business or are professionals. It provides the account holder with free Personal Accident Insurance cover worth Rs 1 lakh and allows for free issue of a maximum of 2 Demand Drafts for a total value of Rs 10,000.
Similar to the SB Gold, this savings account is also suited for individuals who are professionals, business owners, are self employed or hold regular employment. With this account, you also get the benefit of Personal Accident Insurance worth Rs 1 lakh along with free issue of 1 Demand Draft for a maximum amount if Rs 5,000 per year.
SB Power Account for Achievers
This is a perfect savings account for young professionals, businessmen, self employed individuals and also those with regular employment. Some of the accompanying benefits with this account are:
- Free ATM cum International Debit Card / Global Credit Card without any annual / initial fee.
- A personalized cheque book.
- Free Personal Accident Insurance cover worth Rs 1 lakh up to the age of 70.
- Free remittance within India via any mode for a maximum of 2 times per year for a total amount of Rs 25,000.
IB Smart Kid SB Account
Specially designed for young children, this savings account allows for transfer of funds from the parents or guardian’s account to that of this child. Account holders above the age of 10 may be issued an ATM debit card and may also make use of the internet banking facilities provided with their account.
Vikas Savings Khata
This is a no-frills savings bank account meant for people who have previously not had access to banking facilities. This account does not require the holder to maintain any minimum balance making it easier to keep the account active. Some benefits offered along with this account include a free of charge ATM cum debit card, one DD/BPO free of commission for issue to third parties, charge free intra city transactions and 10 free transactions per month, among some others.
Indian Bank Minimum Balance Requirement
Rs 250 (non cheque operation)
Rs 500 (cheque operation)
|SB Platinum with Sweep Facility||Rs 25,000|
|SB Gold||Rs 10,000|
|SB Silver||Rs 5,000|
|SB – Power Account For Achievers||Rs 5,000|
|Vikas Savings Khata||None required|
|IB Smart Kid SB Account||
Rs 100 (non-cheque operation)
Rs 250 (cheque operation)
Indian Bank Savings Account Charges
|ATM transactions||Free at Indian Bank ATMs; Free at other bank ATMs for 5 transactions|
|Account Closure||Ordinary SB Accounts - Rs 51 (individuals); Rs 61 (non-individuals); Rs 40 (special category of customers like senior citizens, pensioners, etc.)|
|Collection of local cheques||Free of charge|
Up to Rs 1 lakh - Free
Above Rs 1 lakh & up to Rs 2 lakh - Rs 12 per transaction
Above Rs 5 lakh - Rs 28 per transaction.
Rs 2 lakh to Rs 5 lakh - Rs 25 + applicable time varying tariff subject to a max. of Rs 30.
Above Rs 5 lakh - Rs 50 + applicable time varying tariff, subject to a max. amount f Rs 56.
Eligibility - Indian Bank Savings Account
Indian Bank Savings Accounts can be opened by individuals singly or jointly.